Meats Futures Prices
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Live cattle futures were higher in most contracts on Friday, with August the only month lower, down 2.5 cents. They finished the week $4.425 higher in the April contract. Feeder Cattle futures were mixed on the day with April up 65 cents and May 50 cent lower. The CME feeder cattle index was at $138.05 on 4/20, up 40 from the previous day. Wholesale beef prices were higher in the afternoon report. Choice boxes averaged $217.16, up $1.44, with Select gaining 32 cents with an average price of $203.89. The COT report had managed money continuing to add to their net long position in live cattle futures and options, by another 8,161 contracts. Cash cattle trade is fairly light today, with the USDA reporting sales of $132 in the South and $133.50 in NE. Estimated FI cattle slaughter through Saturday is at 595,000 head. That is up 5,000 from last week and 10,000 head from the same week last year. The COF report showed April cattle on feed 0.47% higher than April 2016, at 10.904 million head. March placements were 11.1% above the previous March, with marketings 9.56% ahead of March 2016. Apr 17 Cattle settled at $129.800, up $0.175, Jun 17 Cattle settled at $116.700, up $0.225, Aug 17 Cattle settled at $112.775, down $0.025, Apr 17 Feeder Cattle settled at $138.550, up $0.650 May 17 Feeder Cattle settled at $139.250, down $0.500 Aug 17 Feeder Cattle settled at $142.250, down $0.200
Lean hog futures ended the week that saw a 7.72% loss in the May contracts, 22.5 to 60 cents lower in most contracts The CME Lean Hog Index for 4/19 was down another 30 cents to $61.59. The USDA pork carcass value was up 88 cents in the afternoon FOB Plant report, with an average of $75.47. The picnic and rib were the only cuts reported lower. National cash hog base prices averaged 47 cents lower in the afternoon report, with a weighted average of $53.41 and a range reported from $50.00-$54.50. The WCB region was 31 cents lower, with IA/MN a penny higher. FI hog slaughter through Saturday is estimated at 2,287,000 head, about 64,000 ahead of last week, and 54,000 higher than the same week in 2016. The Cold Storage report will be released Monday at 2:00 p.m. CDT. May 17 Hogs settled at $63.025, down $0.775, Jun 17 Hogs settled at $68.325, down $0.350 Jul 17 Hogs settled at $69.525, down $0.650